Carvana, an industry pioneer in buying and selling used cars online, released an EV Trends Report for Q2 2024.
The report focuses on the evolving profile of the used EV buyer, highlighting the category’s increasing adoption by mass-market buyers of all ages and income levels.
According to the report, electric vehicle sales are growing overall among buyers of all income levels, with middle-income buyers experiencing the largest year-over-year gains in share of vehicle sales as falling EV prices lead to a more broadly accessible selection.
“The broadening appeal of electric vehicles across all demographic segments is a testament to the maturing EV market,” said Emily Knoll, Carvana’s senior director of Inventory Strategy. “We’ve seen EVs evolve from a niche category favored by early adopters to a mainstream option considered by consumers of all ages and income levels.”
A few key findings from the report:
- Millennials continued to dominate the EV market, making up 65% of Carvana’s EV sales in Q2 2024 and over-indexing in EV sales relative to their share of Carvana’s overall sales mix.
- Gen Z, whose EV purchases were about $2,000 cheaper on average than Carvana’s overall EV average selling price in Q2 2024, are likely to grow in share as EVs get more affordable.
- Increasing selection at accessible price points is also widening the income distribution for EV sales to include more mid-income buyers. Nearly half of Carvana’s EV sales in Q2 2024 were to buyers with incomes between $50-100k.
- Common trade-ins for EVs now include some of the most popular internal combustion engine (ICE) vehicles, including Honda Civics, Toyota Camrys, Honda Accords, and Nissan Altimas.
To view the full report, click here.
Filed Under: Technology News